ID :
53287
Wed, 04/01/2009 - 10:03
Auther :
Shortlink :
https://www.oananews.org//node/53287
The shortlink copeid
S. Korean president calls for unified front against financial crisis
By Byun Duk-kun
LONDON, April 1 (Yonhap) -- South Korean President Lee Myung-bak called on world leaders Wednesday arriving here for the G-20 summit to join their efforts to deal with what he earlier termed the "impaired assets" that caused the global financial crisis.
Lee's statement came amid similar calls by U.S. President Barack Obama to
increase transparency in the financial market. The two are set to hold a
bilateral summit on Thursday, just hours before the start of the G-20 meeting,
which will bring together the heads of 20 industrialized and developing
economies, including Japan, China and the European Union.
"The most important thing for the world to overcome the financial crisis and
revive its economy is for every nation to join their efforts," the South Korean
president said in an interview with U.S. television news network CNBC.
Lee listed increasing fiscal spending, getting rid of toxic assets and support
for global trade as some of the key issues to be discussed by G-20 leaders, along
with increased monitoring and regulation of tax havens, an objective strongly
advocated by President Obama.
The South Korean president said economic conditions have worsened far faster than
earlier expected since the first G-20 summit was held in Washington in November,
with more countries taking protectionist measures.
"I plan to suggest the World Trade Organization (WTO) regularly produce a report
on the implementation of stand-still policy (on protectionist measures) by
countries to discourage countries taking measures that can be considered
protectionist even if they do not violate WTO regulations," he said.
The president noted the global economic crisis has cut deeply into the trade
volume of his country's export-dependent economy, but said South Korea was
regaining its competitive edge and that it is expected to record US$15 billion to
$20 billion in trade surplus at the end of the year.
"Korea has an experience of successfully overcoming a financial crisis in 1997
and 1998, so we wish to share our experience with all other nations. Such
experience cannot be applied exactly to all the other nations, but I believe some
of them will be of great help," said Lee.
South Korea and the European Union were expected to announce the successful
conclusion of their negotiations for a free trade agreement (FTA) here later this
week.
Lee said the move will send a strong message of anti-protectionism to the rest of
the world.
"The Korea-EU FTA will contribute significantly to reviving the world economy by
increasing global trade volume," he said.
LONDON, April 1 (Yonhap) -- South Korean President Lee Myung-bak called on world leaders Wednesday arriving here for the G-20 summit to join their efforts to deal with what he earlier termed the "impaired assets" that caused the global financial crisis.
Lee's statement came amid similar calls by U.S. President Barack Obama to
increase transparency in the financial market. The two are set to hold a
bilateral summit on Thursday, just hours before the start of the G-20 meeting,
which will bring together the heads of 20 industrialized and developing
economies, including Japan, China and the European Union.
"The most important thing for the world to overcome the financial crisis and
revive its economy is for every nation to join their efforts," the South Korean
president said in an interview with U.S. television news network CNBC.
Lee listed increasing fiscal spending, getting rid of toxic assets and support
for global trade as some of the key issues to be discussed by G-20 leaders, along
with increased monitoring and regulation of tax havens, an objective strongly
advocated by President Obama.
The South Korean president said economic conditions have worsened far faster than
earlier expected since the first G-20 summit was held in Washington in November,
with more countries taking protectionist measures.
"I plan to suggest the World Trade Organization (WTO) regularly produce a report
on the implementation of stand-still policy (on protectionist measures) by
countries to discourage countries taking measures that can be considered
protectionist even if they do not violate WTO regulations," he said.
The president noted the global economic crisis has cut deeply into the trade
volume of his country's export-dependent economy, but said South Korea was
regaining its competitive edge and that it is expected to record US$15 billion to
$20 billion in trade surplus at the end of the year.
"Korea has an experience of successfully overcoming a financial crisis in 1997
and 1998, so we wish to share our experience with all other nations. Such
experience cannot be applied exactly to all the other nations, but I believe some
of them will be of great help," said Lee.
South Korea and the European Union were expected to announce the successful
conclusion of their negotiations for a free trade agreement (FTA) here later this
week.
Lee said the move will send a strong message of anti-protectionism to the rest of
the world.
"The Korea-EU FTA will contribute significantly to reviving the world economy by
increasing global trade volume," he said.
